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Domestic transactions on NGX hit record ₦10.68trn in July

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Why Q1 2026 pension contributions dropped by 38% —

Insurance

Naira strengthens to ₦1,346.90/$ amid surge in FX activity

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DStv, GOtv users lament activation delays as EPL returns

Business

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Tether mints $3bn USDT in 24hrs
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Tether mints $3bn USDT in 24hrs

The world’s largest stablecoin by market share, Tether, has minted approximately $3 billion USDT in just 24 hours, further solidifying its dominance in the stablecoin market. This move puts Tether ahead of competitors like Circle’s USDC and PayPal’s PYUSD. According to the on-chain analytics platform Lookonchain, Tether has been consistently minting $3 billion worth of […]

Elon Musk’s xAI secures $10bn in funding to expand AI
Tech

Elon Musk’s xAI soars to $50bn valuation

Elon Musk’s artificial-intelligence startup, xAI, has surged to a $50 billion valuation just 16 months after its launch, signaling a major rise in the AI sector. The company, which focuses on creating AI systems for a variety of applications, is now competing head-to-head with established players like OpenAI and its popular chatbot, ChatGPT. OpenAI, which […]

15 UK varsities face layoffs, course closures amid enrollment decline
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British workplaces among worst in Europe – Report

British workplaces rank among the worst in Europe for long hours, tight deadlines, and limited autonomy, with no corresponding increase in productivity, according to a report released ahead of the new Labour government’s plan for stricter employer regulations. The report found that three-fifths of the workforce faced tight deadlines, and two-fifths worked at high speed—some […]

The Nigerian equities market closed in positive territory on Thursday, with investors pocketing a gain of N239bn in market capitalisation
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Equity market adds N77bn, approaches N60tn capitalisation

The Nigerian equity market gained N77bn last week, bringing the total market capitalisation to N59.29tn, nearing the anticipated N60tn threshold. The All-Share Index rose by 0.11% to close at 97,829.02 points, reflecting positive market sentiment. A total of 1.95bn shares worth N35.86bn were traded in 48,553 deals, compared to 1.48bn shares valued at N38.88bn in […]

News

Airlines criticised over call for acting NCAA DG’s confirmation

Airline Operators in Nigeria have faced criticism for calling for the confirmation of Capt. Chris Najomo as the Director-General of the Nigerian Civil Aviation Authority. In a statement signed by Vice President, Allen Onyema and spokesperson Prof. Obiora Okonkwo, the AON argued that Najomo’s administration is the best in the aviation industry. The crisis within […]

Access Bank nears final stages of National Bank of Kenya acquisition
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Access Bank denies allegation of missing funds

Access Bank Limited has rejected allegations of missing funds and unethical behavior, calling them untrue. In a statement, Access Bank acknowledged a viral video on social media alleging missing funds and unethical conduct. The bank denied the allegations, emphasizing that it prioritizes the security and safety of customers’ funds. The statement partly reads, “Our attention […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
News

Heritage Bank customers’ deposits secured, NDIC assures

The Managing Director/CEO of the Nigeria Deposit Insurance Corporation, Bello Hassan, reassured customers of the failed Heritage Bank that their funds are safe. Speaking at the 2024 NDIC Editors Forum in Lagos on Saturday, Hassan, represented by the Executive Director (Operations), Mustapha Ibrahim, emphasized the NDIC’s crucial role in protecting depositors following the closure of […]

Lagos tops list of states with most external debt
News

Capital expenditure declines as FG spends N7.4tn on debt servicing

The Federal Government’s expenditure report for the first eight months of 2024 highlights the significant impact of debt servicing on Nigeria’s finances. Between January and August, ₦7.41tn was spent on debt servicing, surpassing the pro-rata budget of ₦5.51tn by 34.4%. This amount represents 89.6% of the ₦8.27tn budgeted for debt servicing this year, with the […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN to raise interest rate, analysts predict

The Monetary Policy Committee of the Central Bank of Nigeria is expected to maintain its hawkish stance in response to persistent inflationary pressures. Following the September hike of 50 basis points, raising the Monetary Policy Rate to 27.25%, the MPC has consistently highlighted concerns about core inflation, excessive money supply growth, fiscal deficits, and surging […]

FG targets 6500 megawatts power generation in six months
News

Electricity subsidy hits N1.91tn in 11 months

The Federal Government’s electricity subsidy spending has risen to ₦1.91tn in the first 11 months of 2024, according to the Nigerian Electricity Regulatory Commission. Power distribution companies collected ₦1.23tn in revenue in the first nine months, surpassing 2023’s total of ₦1.08tn. Despite the removal of subsidies for Band A customers, analysis of the NERC’s data […]

News

Nigeria-Brazil agribusiness agreement to attract $4.3bn investment

The Federal Government, through the Ministry of Agriculture and Food Security and Fundação Getulio Vargas of Brazil, has signed a Memorandum of Understanding to promote private sector development in fertiliser production, hybrid seed technology, and agricultural finance. The MoU was signed by the Permanent Secretary of FMAFS, Temitope Fashedemi and the President of FGV, Prof. Carlos […]

Bitcoin falls below $100,000 in crypto market
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Crypto market hits $3.5trn, altcoins shine in bull run

The total cryptocurrency market capitalization has surpassed $3.5 trillion, with several altcoins showing strong performance amid a bullish rally. Currently valued at $3.51 trillion, the market has gained approximately $358 billion in valuation. Notably, Dogecoin and Cardano emerged as top performers this week, both recording significant growth as the broader market surged past the $3.5 […]

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